Posts tagged machinist
Boeing and IAM announce new contract vote on Nov 4
November 1, 2024 // With the assistance of Secretary of Labor Julie Su, the International Association of Machinist (IAM) 751 & W24 will be allowing its 33,000 members on Monday, November 4, to vote on an updated contract offer by Boeing with hopes to ending a 49-day strike that has cost billions of dollars in lost revenue.
Machinists’ strike could cost Boeing $1 billion a month, estimate suggests
October 10, 2024 // Right now, Boeing is graded a BBB- on the S&P scale, meaning the company has "adequate capacity to meet financial commitments," but is "more subject to adverse economic conditions." With the strike nearing the end of its first month with no end in sight, the financial analysis company could downgrade the aerospace manufacturer to a BB rating, meaning it faces "major ongoing uncertainties to adverse business, financial and economic conditions." This would drop the company below an investment-grade rating. In a statement sent Tuesday night, Boeing COO Stephanie Pope said the strike has "deeply affected our business, our customers and our communities," but said the company remains committed to reaching an agreement with machinists that "recognizes our employees and preserves our company's future." Pope alleged that during the latest negotiations the union made demands "far in excess of what can be accepted if we are to remain competitive."